April 24th, 2024 3:05 PM by Sam Kader MLO130505
The most important factor when buying a house is closing the loan and not getting the lowest possible rate. As your loan originators (LO), we should be viewed as professional who rendered services for a fee. We should be judged by how effectively we can provide services, the fee we charge for our services and guarantees or other assurances and not necessarily who provides the lowest rates.
1. Since Dodd-Frank Act in July 2010 - we are required to pass state and federal test, criminal background check and yearly continuing education. We must comply with the Real Estate Settlement Procedures Act, the Truth in Lending Act, the Home Ownership & Equity Protection Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Gramm-Leach-Bliley Act, the Federal Trade Commission Act, and the Fair Lending and Fair Housing Laws (amongst others). Loan Originators with national banks are not required to comply. Who would you choose to be your Loan Originator?
Our goal is getting all parties to the closing table on time with minimal issues and surprises. The place for a borrower to get a mortgage is at a mortgage broker. Please watch this short video presentation!